Atlantic Petroleum P/F - Company Announcement

DECC approval of the Blackbird Field Development Plan

Tórshavn, Faroe Islands, 2011-08-01 16:58 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that Atlantic Petroleum together with its
partner Nexen Petroleum UK Limited have received approval from the Department
of Energy and Climate Change of the Field Development Plan for the Blackbird
field. 



The Blackbird co-venturers comprise Nexen Petroleum UK Limited (Operator), and
Atlantic Petroleum UK Limited. 



The Blackbird field was discovered in 2008 by the 20/2a-8 well which
encountered oil in Upper Jurassic sandstones. It was appraised in 2010 by the
20/2a-9 well which tested at a facilities constrained flow rate of 7,000
barrels per day. 



The development will initially consist of one production well and one water
injection well tied back to the Ettrick Field. The appraisal well drilled last
year has already been completed as a future Blackbird producer. Installation
work is underway with an expectation of first oil in late 2011. A water
injector well is planned to be drilled in 2012. 





Ben Arabo, CEO, commented:

“DECC's approval of the Field Development Plan is an important milestone in the
development. The project is progressing well and remains on course for first
production in late 2011. The development of Blackbird will become the third
producing field in our portfolio which further strengthens and extends our
overall production base.” 



Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100
(ben.arabo@petroleum.fo). This announcement will be available, together with
other information about Atlantic Petroleum, on the Company's website:
www.petroleum.fo. 

On the website, it is also possible to sign up for the Company's e-mail
newsletter. 



Announcement no. 32/2011

Issued 01-08-2011


         P/F Atlantic Petroleum
         Gongin 9
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo